Problem solved
Finally figured it out. The taper tool has adjustable knives, and screw-on centering pieces for different arrow diameters. The cuttings were coming out like mush, not like rolling sheets of veneer from a pencil sharpener. I took the blade off and discovered the slot that the shavings are supposed to come out of was too narrow, so I gently opened it up with a small file, reattached the blade, and it works perfectly. It was simply not engaging the knife, and what little shavings there were had no place to go.
Finally figured it out. The taper tool has adjustable knives, and screw-on centering pieces for different arrow diameters. The cuttings were coming out like mush, not like rolling sheets of veneer from a pencil sharpener. I took the blade off and discovered the slot that the shavings are supposed to come out of was too narrow, so I gently opened it up with a small file, reattached the blade, and it works perfectly. It was simply not engaging the knife, and what little shavings there were had no place to go.